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An analyst who called the 2021 crypto market meltdown says that a significant Bitcoin (BTC) correction is likely to occur before new all-time highs are met.
The pseudonymous trader known as Dave the Wave tells his 153,500 followers on the social media platform X that he’s expecting BTC to dip to around $90,000 before launching its next leg up, rather than a quick, parabolic ascent.
The trader appears to have a rough price target of about $160,000 for BTC by around September of this year.
“We all want BTC price higher here and now.
But if I were a betting man, I’d say the orange not the yellow.”
Source: Dave the Wave/X
Citing a part of his newsletter, Dave the Wave says that BTC typically rallies extremely quickly, while it corrects in a more drawn-out fashion that drags down sentiment and puts bears offside for the big move.
“These days, it seems that with every fortnight comes a new breakout in price. And this is typically the way where they say price takes the elevator up and the stairs down – price increases tend to happen rapidly, where the consolidations take place over an extended period of time…
The consolidations create negative sentiment after the initial enthusiasm of the previous run-up wears off. And this is a process that takes place over time. Duration on the chart requires endurance in the trader/ investor. And of course, this is where the contrarian aspect comes into play – where most will allow the general market sentiment to affect their own, the contrarian sees instead opportunity in the way in which markets typically operate.
And so the run-ups come quick and fast.”
At time of writing, Bitcoin is trading for $103,105.
